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Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
 Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in combination with the deadly dam accident in Brazil earlier this year. The latter is a serious disruption that has already had an immediate negative impact on Capesize earnings. Brazil is the world’s second largest iron ore producer country after Australia, with approx. 70% of exports going to East Asia, and most iron ore consists of the highest quality found worldwide that does not require much processing. In addition, other production sites in Brazil are now in the public eye and currently under scrutiny when it comes down to their procedures, safety protocols and infrastructure and might not be able to increase production as desired. Hence, the imminent decrease of Brazil’s output will definitely reduce ton-mile revenue for Capes. The question now is if China is able to, and if they will respond with an increase of their domestic production from their high-cost mines, which will furthermore keep Cape revenues from rebounding to previous higher observed levels.
Besides the Capesize segment, the sudden drop and the swift reversal of sentiment was observed across all major trading routes and all ship sizes. This could be due to the turbulence deriving from the US-China trade war. While many reports/forecasts have been published and a lot of opinions have been heard, the only sure thing is that it adds uncertainty to the an already worrying global economy and a puzzled (amid coming regulations) shipping ecosystem. In the beginning, when the second worldwide largest economy showed signals of slowing down and seemed unable to maintain growth figures, analysts were pointing to the trade war. Recently though, many are wondering if a Chinese structural and fundamental problem will soon surface. In my point of view, if such problem does exist, the shipping world should focus on how the Chinese administration would tackle it. The country’s administration is currently signaling potential further stimulus measures and several are debating if such a program will have a positive impact on seaborne trade and to what degree.
The very slow fresh cargo supply of the past couple of months resulted in a slowdown of SnP activity, which is down 33% ytd. However, from the start of last week a more normal flow of cargo is observed and the BDI showed signs of recovering. At the same time, comparing past week’s SnP market to the start of this month we noted fresh prospective buyers coming on-board ships, while proven buyers took the opportunity to test sellers with levels depicting current market conditions and establishing new market levels.
Whilst some owners worry that we are entering a global bear market and are skeptical if this downturn was an indicator of a more structural issue, the BDI is now on a positive trend and others believe that we are heading towards more stable days having just experienced a short parenthesis in a market that is generally moving towards a healthy recovery and in that respect they maintain their bullish views and appetite for candidates offered at levels in line with current freight rates.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
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